Vyze Raises Additional $13 Million in Funding
AUSTIN, Texas, June 2, 2016 /PRNewswire/ — Vyze, a leading technology provider of financing solutions at point of sale, has raised an additional $13 million in capital, allowing the company to expand into additional markets and product lines.
Led by Austin Ventures of Austin, Texas, and StarVest Partners of New York City, the Series B add-on investment brings the total equity raised to date by Vyze to $35 million.
“We’re building a unique company here in Austin that will help both retailers and lenders unlock the full potential of their businesses. Our goal is to help businesses provide the financing consumers need to buy the products they want, when they want them,” said Keith Nealon, Vyze’s CEO. “Investments like these enable us to grow and create better solutions to meet the challenges merchants and lenders are facing today.”
“The retail consumer financing market is over $200B in size but is in need of an upgrade. Despite the market size, retailers and manufacturers cannot serve their customers adequately with today’s lending options,” explained Nealon. “With 73 percent of sales associates reticent to offer financing, 28 percent of all consumers afraid to apply for financing, and just 47 percent of consumers approved for financing, there’s tremendous opportunity to deliver more value to our customers.”
Vyze will devote these additional resources to platform technology, aiming to add a new Tier 1 data center, bring new lenders to its financing platform and complete a next-generation financing center and e-commerce solution to better support its partners and their customers. The company will also use the funds to further invest in its sales and marketing, helping the company move into additional markets and channels. For example, a recent study by the company found that the vast majority of consumers—84 percent—would like to apply for merchant financing online.
“What’s exciting about Vyze is the huge potential for growth,” said Chris Pacitti, general partner with Austin Ventures. “There’s a huge need for financing solutions among retailers as well as manufacturers, and those needs will continue to grow as consumers increasingly turn to online and mobile platforms when researching and buying products.”
“We’re thrilled to be investing in Vyze’s continued expansion,” said Laura Sachar, StarVest General Partner. “We’re confident that they have the people, expertise and resources in place to continue to grow and innovate,” she added.
Vyze is a leading cloud-based financial technology company for businesses. By combining a comprehensive lending supply, technology, and support under one roof, Vyze is able to deliver businesses simpler, more satisfying financing experiences for their customers, wherever and whenever they shop.